By Gina Lee

Investing.com – Gold was up on Tuesday morning in Asia, after hitting a five-month peak during the previous session. Even though the dollar strengthened, persistent concerns over inflation gave the yellow metal an additional boost.

edged up 0.16% to $1,869.55 by 11:05 PM ET (4:05 AM GMT) as concerns over broaden inflation added bullion’s safe-haven appeal. On Tuesday, the, which is normally inversely related to gold, climbed 0.16% and was at a near 16-month peak.

Investors now await U.S. data, due later in the day, to gauge the U.S. Federal Reserve’s next move on interest rate hikes.

Thomas Barkin of Richmond Federal Reserve stated Monday that the U.S. Fed will increase interest rates if there is high inflation. However, Barkin added that it should be patient to determine if the Fed’s labor shortages and inflation are more severe.

Bank of England Governor Andrew Bailey said he was “very uneasy” about high inflation and that he voted to keep interest rates unchanged earlier in November when the central bank handed down its .

European Central Bank President said on Monday that tightening monetary policy now to tame inflation could choke off the euro zone’s recovery, pushing back on the need for tighter policy.

“If we were to take any tightening measures now, it could cause far more harm than it would do any good,” she said.

The Asia Pacific released earlier today the minutes of its November meeting.

Other precious metals were steady at $27.54 per ounce. Platinum fell 0.1% while palladium declined 0.6%.